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It’s Time for Cayman Shell Entities to Come Out of Their Shells and Show Economic Substance

Volume 6 No 4   |   Read Article

By Neha Rastogi and Galia Antebi

It is said that beauty is in the eye of the beholder. The same can be said about economic substance. In a step to adopt a standardized definition in the context of business arrangements that are typical for Cayman Islands companies, the country enacted the International Tax Cooperation (Economic Substance) Law, 2018 (“E.S. Law”) on December 27, 2018, and issued supplemental guidance on February 22, 2019. Neha Rastogi and Galia Antebi address relevant aspects of the new rules, including (i) entities that fall within the ambit of the E.S. Law, (ii) entities that are exempt, (iii) identified business activities under the E.S. Law, and (iv) steps that may be taken to meet the economic substance test.  See more →